This week will see the introduction of 14 new IPOs that will begin trading. The biggest name is Markit Ltd. (NASDAQ: MRKT), a financial information company based in the U.K. The total number of IPOs will rise to 124, a 57 percent increase over last year at the same time.

The IPOs do not immediately make their way into the FPX portfolio, but many will be added in the future rebalancings. Facebook (NASDAQ: FB) remains the ETFs largest holding in the ETF with a 9.4 percent allocation.

The rumors have proven true as Medtronic (NYSE: MDT) is buying medical equipment peer Covidien (NYSE: COV)for $42.9 billion. Both stocks fall into the top five holdings for IHI, making up a combined 17 percent of the portfolio.

On Wednesday the May housing starts are released and they are expected to fall to a 1.04 million pace from one month earlier. The homebuilding stocks and the secondary plays will be on the move after the number is released.

A better than expected reading could send the ETF to retest the multi-month high set earlier this month. The ETF is currently in the midst of a four-session losing streak heading into the new week.

The tensions in Iraq have escalated over the weekend and this has pushed the price of Brent Crude oil higher by nearly a dollar. Stocks in the region have held up well thus far, but investors may start to worry as it appears there is no end in sight to the violence.

GULF does not own any companies based in Iraq but it does have exposure to the region with the majority of the portfolio in Qatar, U.A.E., Kuwait, and Egypt. The ETF had a great start to the year before slowing the last couple of months.